Procurement Guidelines

The Bank follows procurement guidelines designed to produce fair competition and the best overall value.

Not a Federal Government Agency

The Federal Reserve Bank of Richmond is a nonprofit corporation owned by its member banks and governed by a board of directors. We are not a federal government agency. Consequently, federal government contracting regulations, programs, and GSA contract and pricing schedules do not apply.

Competitive Processes

We competitively bid procurements estimated to be $10,000 or greater in value ($20,000 for construction). Quotes or proposals are solicited from a minimum of three qualified suppliers. We may choose, but are not required, to compete products and services under $10,000.

We do not publicly post our procurement opportunities. Procurement, supplier diversity and department staff work collaboratively to identify qualified suppliers to participate in an acquisition opportunity..

Award to Responsive and Responsible Bidder

We award contracts to the responsive and responsible bidder or offeror that provides the best overall solution, which may be any combination of price, quality, service, availability, timeline or other evaluation criteria specified by the Bank. A responsive bidder is one whose quote or proposal meets all of the requirements of the bid; a responsible bidder is one that has the skill, ability, integrity, and financial and other resources necessary to perform on the requirements.

Electronic Sourcing

In most cases, we issue requests for quotes and proposals and require suppliers to submit their responses electronically through an online sourcing portal.